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The Latest Breaking News on Economy

Washout for UK retailers in pre-election blow for Rishi Sunak

Retail sales across the UK plunged by 2.3 per cent in April, following a 0.2 per fall in March, figures revealed

The Independent UK

Congress' Budget Process Is Broken. Here's One Idea for Fixing It.

Lawmakers should be freed from "the dead hand of some guy from 1974," says former Congressional Budget Office director.

Reason

Where the inflation and national debt figures leave Sunak’s five priorities

Most of the Prime Minister’s five priorities had not been achieved by the end of last year.

The Independent UK

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Inflation: Why has it fallen and what it means for you

April’s inflation rate of 2.3% means that if an item cost £100 a year ago, the same thing would now cost £102.30

The Independent UK

Majority of Americans wrongly believe US is in recession – and most blame Biden

Exclusive Harris poll for the Guardian shows 55% believe economy is shrinking, in troubling sign for president’s re-election bid

The Guardian - US

Renew the generalised system of preferences

In the pantheon of obscure international trade terminology, the “generalised system of preferences,” or GSP, has a special place.

The Hindu

Hope you enjoyed your wages growth, that’s it for now

So much for the wage-price spiral — or even for real wages growing. The latest Wage Price Index data show wages growth has peaked and is now falling.

Crikey

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Chalmers’ profligate, partisan and possibly prescient budget

Labor’s budget sends us deep into deficit — and it’s possible that it might not be enough to prop up the economy.

Crikey

'More work to do' to make Australia competitive

Business groups have called for more productivity measures but warned federal budget spending boosts to tackle cost-of-living pressures could fuel inflation.

AAP

2024 budget delivers minor surplus but deficits loom over economy as Australia’s spending ramps up

Major shortfalls predicted over next two years as Jim Chalmers downplays potential for inflationary pressures

The Guardian - AU

Federal budget 2024: $300 energy rebates, cheaper medicines and rent relief in Jim Chalmers’ cost-of-living budget

Treasurer takes gamble on pre-election cost-of-living package that is likely to spark debate about whether the government is doing enough to tame inflation

The Guardian - AU

Workers to enjoy real wages growth, despite inflation

Australia's labour market is proving remarkably resilient, despite slowing economic growth, meaning workers can expect wages growth to outstrip inflation.

AAP

UK real pay grows at fastest rate in two years as unemployment rises

Figures provide mixed message for Bank of England when it considers interest rate cut next month

The Guardian - UK

What does progress look like on a planet at its limit?

Putting endless growth above our wellbeing and the environment is no longer viable

The Guardian - UK

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AAP

Government defends faster inflation fall than RBA

Inflation will be back within the Reserve Bank's target range a year earlier than the bank has predicted, based on government budget figures.

AAP

Wages, jobs updates to come with budget week

As well as a federal budget, Australia will get its quarterly check-up on worker wages, business surveys and monthly jobs figures.

International Business Times

UK Economy Exits Recession Ahead Of Election

Gross domestic product expanded 0.6 percent in the first three months of this year, the Office for National Statistics (ONS) said, noting strong growth in service industries and car manufacturing.

AAP

Consumers tipped to stash tax-cut savings for rainy day

Australians plan to stash their stage three tax cut cash, a key cost of living relief measure in the budget, in promising news for inflation

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AAP

Cost of living, net-zero industries focus of May budget

The third federal budget under the Albanese government will be handed down on Tuesday and a number of measures have already been unveiled.

The Guardian - AU

Budget sneak peek predicts higher wages and tax breaks – but no increase for Australians on jobseeker

Government dampens hopes for an increase to jobseeker, despite pressure from economists, social justice groups and equality advocates

Kiplinger

Fed Rate Cuts Still on Hold

With inflation stubbornly elevated, the Federal Reserve will keep interest rates high for now.

The Hindu

Budgets and Bills passed with little deliberation

Madhya Pradesh passed 85% of its Budget without discussion in 2023 followed by Kerala and Jharkhand

Salon

Don't like Biden's economy? OK, but ...

Authoritarians always screw up the economy — come to think of it, GOP presidents have done that for decades

The Street

Jobs report shows marked April slowdown, prompting Fed rate-cut bets

Jobs gains are still solid, but the pace is slowing markedly from the first-quarter levels.

The Guardian - AU

The budget reveals what governments actually care about. And Labor has chosen to keep jobseekers in poverty

The government could easily index jobseeker to whichever is highest of the CPI or wage price index

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